Page 246 - Exim iar24_Ebook

EXIM BANK MALAYSIA
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NOTES TO THE FINANCIAL STATEMENTS

46. SIGNIFICANT EVENTS

In the Budget 2024 speech delivered on 13 October 2023, the Prime Minister announced the plan to restructure
Development Financial Institutions (“DFI’s”) in Malaysia. The restructuring involves merging Bank Pembangunan Malaysia
Berhad (“BPMB”), Export-Import Bank of Malaysia Berhad (“EXIM”) and SME Bank Berhad (“SMEB”).
This initiative aims to enhance the efficiency and synergy of these institutions and strengthen the development
finance ecosystem. The corporate exercise, currently underway, is intended to better support the nation’s economic and
development goals.

47. PRIOR YEAR ADJUSTMENT
The Group and the Bank have made a restatement of RM28,851,000 in respect of the interest income for the credit impaired
loans and RM2,986,000 Islamic financing profits (included within the income from Islamic business) for credit impaired
financing which were not previously accounted for. Accordingly, the Group and the Bank have restated a corresponding
allowance for ECL for these credit impaired loans and financing.

The effects of the restatement is as follows:
(a) Statements of profit or loss
Group and Bank
as previously
As previously
stated Adjustment As restated
RM’000 RM’000 RM’000
31 December 2023

Interest income 181,465 28,851 210,316
Income from Islamic business 43,030 2,986 46,016
Writeback for ECL on loans, advances and financing 98,567 (31,837) 66,730
Net profit for the year 37,030 - 37,030

(b) Note 9 Loans, advances and financing
Group and Bank
As previously
stated Adjustment As restated
RM’000 RM’000 RM’000
Loans, advances and financing 4,696,267 31,837 4,728,104
Amount due from Export Credit Refinancing (“ECR”) debtors 121,021 - 121,021
Staff loans 429 - 429

Gross loans, advances and financing 4,817,717 31,837 4,849,554
Less : Allowance for ECL on advances and financing
- 12-month ECL - Stage 1 (127,306) - (127,306)
- Lifetime not credit impaired ECL - Stage 2 (63,212) - (63,212)
- Lifetime ECL credit impaired - Stage 3 (1,466,732) (31,837) (1,498,569)
Net loans, advances and financing 3,160,467 - 3,160,467